Page 9 - FSUOGM Week 12 2023
P. 9

FSUOGM                                      PERFORMANCE                                            FSUOGM




















































       Tatneft net profits surge 70% in 2022 on



       increased petroleum product revenues





        RUSSIA           NET IFRS profits at Russian mid-sized oil   Gas extraction increased by 5.6% to 935
                         firm Tatneft soared by nearly 70% in 2022 to  mcm, while gas product output slipped 1.4% to
       Tatneft’s surge in profits   RUB285bn ($3.7bn), with the company gaining  1.04mn tonnes.
       came on the back   from increased petroleum product sales and   The outlook for the company this year is more
       of higher petroleum   higher prices.                   difficult to predict and will depend greatly on the
       product revenues.   The net income surpassed the RUB245bn  impact on the EU+G7 embargoes and price caps
                         forecast of BKS Mir Investments, which said  that were imposed on Russian crude oil exports
                         that the result “seems to confirm our recent the-  in December last year and Russian petroleum
                         sis that the Russian oil industry may be operating  product exports in February this year. Russia’s
                         with higher prices than we expected.”  government announced the country would
                           Operating profit at Tatneft rose 62% to  be cutting oil production by 500,000 bpd this
                         RUB400bn. Its free cash flow increased by a third  month in response to the Western measures.
                         to RUB197bn.                           Tatneft is so far the only Russian oil pro-
                           Tatneft expanded its oil production by 4.7%  ducer to report 2022 results under international
                         last year to 29.1mn tonnes (568,000 barrels per  accounting standards.
                         day), while its output of petroleum products   In related news, Tatneft secured government
                         climbed 29% to 15.99mn tonnes. However, oil  approval last week to acquire the Nokian Tyres’
                         sales revenues fell 4.2% to RUB533bn owing to  Russian business for €285mn ($305mn). The
                         lower sales volumes, although this was more  Finnish company announced it was initiating
                         than compensated for by a 40% growth in petro-  a “controlled” exit from Russia in June last year,
                         leum product revenues, as a result of higher vol-  four months after Moscow launched its invasion
                         umes and higher prices.              of Ukraine. ™



       Week 12   21•March•2023                  www. NEWSBASE .com                                              P9
   4   5   6   7   8   9   10   11   12   13   14